Last Friday the IRS published an updated version of its publication "The Truth About Frivolous Tax Arguments." This publication provides a list of common frivolous arguments advanced by individuals and groups who oppose compliance with the federal tax laws.Individuals...
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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014.The filing deadline is...
Little Known Facts About Amending Tax Returns with the IRS
What happens when you realize you made an error on your tax return? Most people think they should file an amended tax returns, and in most cases, that would be correct; however, sometimes it is unnecessary. According to the IRS, if you made a math error, the IRS will...
IRS worker classification letter confers jurisdiction on the Tax Court
Yesterday, the Tax Court issued a full Tax Court Opinion, with concurring and dissenting opinions, finding that an IRS letter was sufficient to confer jurisdiction upon the Tax Court. SECC Corporation v. Commissioner, 142 T.C. No. 12. The controversy arose from an IRS...
A Bit on Bitcoins
The IRS has provided information on the treatment of virtual currency, which is not considered currency at all. Virtual currency is treated as property for U.S. Federal tax purposes and as such, may be subject to ordinary or capital treatment depending on the...
Tax Court remands case for IRS to consider an offer in compromise for effective tax administration
Last week, the Tax Court remanded a collection due process case to the IRS Appeals Office for consideration of an offer in compromise (OIC) on the grounds that the IRS had failed to adequately consider whether the OIC promoted effective tax administration. Bogart v....
IRS Reminder of Option for $1,500 Home Office Deduction
The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. In tax year 2011, the most recent year for which figures...
Act Now! Revised FATCA Final Regs and 2014 Forms are Available!
The following FATCA Forms and Instructions for 2014 are now available on the IRS.GOV Forms and Publications Website:Form 1042 Form 8966 Form W-8BEN Instructions to Form W-8BEN Form W-8ECI• Instructions to Form W-8ECIClick here to access IRS.GOV Forms and...
Tax Court provides chapter-by-chapter refutations of popular tax protester book “Cracking the Code”
Today the U.S. Tax Court issued an interesting opinion which provides a chapter-by-chapter refutation of Peter Hendrickson's book "Cracking the Code: The Fascinating Truth About Taxation in America." Waltner v. Commissioner, T.C. Memo. 2014-35. Cracking the Code is...
IRS statistics continue to show increase in individual income tax refunds for the 2014 filing season compared to 2013
Today the IRS released statistics today regarding individual income tax returns filed so far during the 2014 filing season, an update from statistics released last week. The statistics reflect that 31,308,000 returns filed so far in 2014 showed refunds, up from...
